Key Points
- Director Kenneth Thomas Warriner bought 1,000 Meridian Bank shares on May 11 at $18.00 each, spending $18,000 and raising his holdings to 3,000 shares, a 50% increase. He also made a similar purchase of 1,000 shares on April 30 at $18.41 each.
- Meridian Bank’s latest quarter missed expectations, reporting earnings of $0.39 per share versus analysts’ estimate of $0.48, with revenue of $30.24 million versus $31.79 million expected.
- Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $22.00, while the stock recently traded at $20.05 and pays a quarterly dividend yielding about 2.8%.
Meridian Bank (NASDAQ:MRBK - Get Free Report) Director Kenneth Thomas Warriner bought 1,000 shares of the stock in a transaction dated Monday, May 11th. The shares were purchased at an average cost of $18.00 per share, for a total transaction of $18,000.00. Following the completion of the purchase, the director owned 3,000 shares in the company, valued at approximately $54,000. This represents a 50.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Kenneth Thomas Warriner also recently made the following trade(s):
- On Thursday, April 30th, Kenneth Thomas Warriner bought 1,000 shares of Meridian Bank stock. The shares were acquired at an average cost of $18.41 per share, with a total value of $18,410.00.
Meridian Bank Stock Performance
MRBK opened at $20.05 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.25. The company has a market cap of $238.39 million, a price-to-earnings ratio of 9.69 and a beta of 0.67. Meridian Bank has a 52-week low of $11.87 and a 52-week high of $21.67. The firm's fifty day simple moving average is $18.72 and its two-hundred day simple moving average is $18.75.
Meridian Bank (NASDAQ:MRBK - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.48 by ($0.09). Meridian Bank had a net margin of 11.68% and a return on equity of 12.61%. The company had revenue of $30.24 million during the quarter, compared to analysts' expectations of $31.79 million. Equities analysts anticipate that Meridian Bank will post 1.85 earnings per share for the current fiscal year.
Meridian Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were issued a $0.14 dividend. The ex-dividend date was Monday, May 4th. This represents a $0.56 dividend on an annualized basis and a yield of 2.8%. Meridian Bank's dividend payout ratio is presently 27.05%.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on MRBK shares. DA Davidson raised their target price on Meridian Bank from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. Weiss Ratings raised shares of Meridian Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, June 5th. Piper Sandler set a $21.00 price objective on shares of Meridian Bank and gave the company an "overweight" rating in a report on Tuesday, May 5th. Wall Street Zen cut shares of Meridian Bank from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, Zacks Research downgraded shares of Meridian Bank from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.00.
Get Our Latest Analysis on Meridian Bank
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of MRBK. Dimensional Fund Advisors LP raised its stake in shares of Meridian Bank by 9.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 434,002 shares of the company's stock valued at $8,229,000 after acquiring an additional 38,719 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of Meridian Bank during the 1st quarter worth approximately $345,000. Hsbc Holdings PLC purchased a new position in shares of Meridian Bank during the 1st quarter worth approximately $416,000. Invesco Ltd. increased its holdings in Meridian Bank by 24.2% in the 4th quarter. Invesco Ltd. now owns 16,153 shares of the company's stock valued at $284,000 after purchasing an additional 3,152 shares during the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new stake in Meridian Bank in the 4th quarter valued at approximately $234,000. Hedge funds and other institutional investors own 58.56% of the company's stock.
About Meridian Bank
(
Get Free Report)
Meridian Bank, a Pennsylvania-chartered institution founded in 1993 and headquartered in Philadelphia, operates as a full-service community bank serving the Greater Philadelphia region. As a wholly owned subsidiary of Meridian Bancorp, Inc (NASDAQ: MRBK), the bank maintains a network of branch locations complemented by online and mobile platforms to meet the evolving needs of individual and business customers.
On the consumer side, Meridian Bank offers a comprehensive suite of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside personal lending solutions such as home equity lines of credit, residential mortgage loans and unsecured consumer loans.
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